The Truth in Lending Act (TILA, Regulation Z) is a 1968 federal consumer protection law requiring lenders to disclose key loan terms before signing — APR, finance charges, payment schedule, total of payments, and right of rescission (3 days for home equity loans). TILA created APR as a standardized comparison metric and bans certain practices like surprise rate hikes. Violations can void the loan or trigger statutory damages. The 2010 CARD Act expanded TILA protections for credit cards: 21-day grace periods, restrictions on retroactive rate increases, clear payment allocation rules. The CFPB enforces TILA along with state attorneys general.
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Truth in Lending Act
August 22, 2026 · Aditya Gupta
Personal Finance
Related terms
ACH Transfer
ACH (Automated Clearing House) transfers move money electronically between US bank accounts via the ACH network — direct…
Adjustable-Rate Mortgage
An adjustable-rate mortgage (ARM) starts with a fixed introductory rate (typically 5, 7, or 10 years), then adjusts…
Auto Loan
An auto loan finances a vehicle purchase, with the car serving as collateral. Standard terms run 36-84 months;…
Automatic Bill Pay
Automatic bill pay is a service that pulls funds from your account on a scheduled date to pay…
Balance Transfer
A balance transfer moves credit card debt from a high-interest card to a card offering a 0% promotional…
Bank Run
A bank run occurs when many depositors simultaneously withdraw their funds, fearing the bank will fail. Banks operate…
